The central bank has asked all authorized dealer banks to encash the value-added portion of export proceeds within the following working day.
The banks have also been instructed to encash the value-added portion of repatriated export proceeds in local currency –Bangladesh Taka (BDT) —before parking the eligible portion in a single pool for back to back payments, according to a notification, issued by the Bangladesh Bank (BB), on Sunday.
The encashment of the value-added portion and the parking of the remainder in a single pool will be executed within the following business day on receipt of export proceeds in nostro accounts of designated authorized dealer (AD) banks, it added.
On the same day, the BB also issued another notification directing the banks regarding the process for export proceeds received through banks other than exporters’ banks.
The proceeds-repatriating banks have been instructed to transfer the funds in foreign currency (FC) to exporters’ banks designated for export transactions.
In case of payment against export bill discounting or early payment arrangement in FC by other banks or offshore banking operations, the FC fund shall be transferred to designated banks.
Export proceeds repatriated through banks of buying agents shall also be transferred in FC to exporters’ banks, it noted.
According to the notification, designated banks will convert the encashable portion of foreign currency in BDT and make that available to exporters’ accounts maintained with them.
Conversion of export proceeds is to be executed through designated banks within the following business day on receipt of the fund in their respective accounts, it added.
